Re: income tax returns
[Re: WadeRyan]
#7547275
04/03/22 07:51 AM
04/03/22 07:51 AM
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Joined: Nov 2010
Posts: 579 Iowa
beeman
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trapper
Joined: Nov 2010
Posts: 579
Iowa
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If you had to pay a lot, then you made a lot. What baffles my mind is in my case, with only my income I pay in $3172 a month between Federal and State. Have to file quarterly. At the end of the year I got $47 back from state and paid in $6900 Federal. Yet someone that doesn't work an hour in the year gets a "return." If you can explain how that's a good thing I will let my mind be at ease. You say you paid close to $45,000 in State and Federal taxes. Your income had to be in the neighborhood of $200,000. You still had $150,000 left to live on. My question would you rather pay taxes on $200,000 or taxes on $50,000. Don’t get me wrong I don’t like to pay taxes any better than anyone else, but given the choice of paying taxes on $50,000 and $200,000. I chose $200,00.
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Re: income tax returns
[Re: grumley701]
#7547285
04/03/22 08:03 AM
04/03/22 08:03 AM
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Joined: Feb 2015
Posts: 10,773 Iowa
trapdog1
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trapper
Joined: Feb 2015
Posts: 10,773
Iowa
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If you had to pay a lot, then you made a lot. sounds like theft to me... Exactly. Bunch of (This word is unacceptable on Trapperman) thieves.
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Re: income tax returns
[Re: west river rogue]
#7547301
04/03/22 08:20 AM
04/03/22 08:20 AM
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Joined: Dec 2006
Posts: 63,343 Minnesota
330-Trapper
trapper
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trapper
Joined: Dec 2006
Posts: 63,343
Minnesota
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Last year it took over 5 months to get the federal back,hope this year it will be 2 weeks or less,find out next tue. so Rick,,did u get it in 2 weeks? He might Sleep in.
NRA and NTA Life Member www.BackroadsRevised@etsy.com
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Re: income tax returns
[Re: trappingthomas]
#7547611
04/03/22 02:25 PM
04/03/22 02:25 PM
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Joined: Jan 2007
Posts: 150 SW Idaho
yousowise
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trapper
Joined: Jan 2007
Posts: 150
SW Idaho
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If you have a 9k per month mortgage payment for say a 20 year mortgage which means you borrowed several million dollars to generate $120 K per that is not the IRS's fault you did that. Also if you paid that much for the properties your depreciation would be high enough to wipe out any profit you may have. You could own this for many years with no taxable income but when you sell you would need to claim as income all the depreciation you claimed. If the selling price goes up enough there will be gain to cover if not you could have a substantial tax liability to pay. I did taxes for several rental owners and almost all were losing monies even when they were able to do almost all the remodeling and maintenance themselves. Many chose to invest in these to hide income and grow assets. Many were carpenters, plumbers, etc. that were handy, made very good money and chose to invest in rental RE.
Bryce In my experience noting is the the IRS's fault. LOL Just pointing out to yousowise that paying taxes on a bunch of money does not mean you have a dime. My example was not real life. The one in real life was an land contract amortized much shorter then 20 years with a triple net lease. Was a small part of a bigger deal with a business being purchased separately. Was still the losing part of the deal. As you say does erase a bit of income and hopefully it is a asset that maintains or grows in value. I’ll stand by the large income equals large taxes. A good chunk of that payment would have been paying down your mortgage giving you lots of equity. Like I said above, no one likes taxes and our tax system is messed up, but I would rather make a lot and pay a lot, than make little and pay little.
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Re: income tax returns
[Re: west river rogue]
#7548340
04/04/22 09:04 AM
04/04/22 09:04 AM
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Joined: Jul 2012
Posts: 2,619 Nebraska
WadeRyan
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trapper
Joined: Jul 2012
Posts: 2,619
Nebraska
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"You say you paid close to $45,000 in State and Federal taxes. Your income had to be in the neighborhood of $200,000. You still had $150,000 left to live on. My question would you rather pay taxes on $200,000 or taxes on $50,000. Don’t get me wrong I don’t like to pay taxes any better than anyone else, but given the choice of paying taxes on $50,000 and $200,000. I chose $200,00." I agree, I live very well and I'm not saying even close to I can't live off what I make. Just because I can live comfortably doesn't make me want to give up money I earned to deadbeats. I guess that's just my philosophy. I'd like to go out and buy a thermal tomorrow because I can but now that I've paid for $6900 worth of someone sitting on a couch I guess I'll have to wait a month or two
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Re: income tax returns
[Re: yousowise]
#7548389
04/04/22 09:58 AM
04/04/22 09:58 AM
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Joined: Dec 2006
Posts: 21,727 Sandhills Nebraska
Gary Benson
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trapper
Joined: Dec 2006
Posts: 21,727
Sandhills Nebraska
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Me too, I also have problems with social security, the largest Ponzi scheme known to man. But I still have to pay in. You will feel differently about it when you reach retirement age.
Life ain't supposed to be easy.
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Re: income tax returns
[Re: WadeRyan]
#7548523
04/04/22 12:31 PM
04/04/22 12:31 PM
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Joined: Aug 2011
Posts: 45,646 james bay frontierOnt.
Boco
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trapper
Joined: Aug 2011
Posts: 45,646
james bay frontierOnt.
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"You say you paid close to $45,000 in State and Federal taxes. Your income had to be in the neighborhood of $200,000. You still had $150,000 left to live on. My question would you rather pay taxes on $200,000 or taxes on $50,000. Don’t get me wrong I don’t like to pay taxes any better than anyone else, but given the choice of paying taxes on $50,000 and $200,000. I chose $200,00." I agree, I live very well and I'm not saying even close to I can't live off what I make. Just because I can live comfortably doesn't make me want to give up money I earned to deadbeats. I guess that's just my philosophy. I'd like to go out and buy a thermal tomorrow because I can but now that I've paid for $6900 worth of someone sitting on a couch I guess I'll have to wait a month or two Its all good,if you want to hoard money and not share it with the unfortunate the govèt will do it for you.
Forget that fear of gravity-get a little savagery in your life.
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Re: income tax returns
[Re: west river rogue]
#7548652
04/04/22 04:19 PM
04/04/22 04:19 PM
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Joined: Aug 2011
Posts: 45,646 james bay frontierOnt.
Boco
trapper
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trapper
Joined: Aug 2011
Posts: 45,646
james bay frontierOnt.
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Calm down cowboy,never said I agree with it-pointing out how govt dis-incentivises people accumulating wealth. The more money you have the less they can control you. I prefer to give extra money to support causes that are important to me instead of giving it to the gov't to use against me. That way I control where it goes and keep it out of the hands of the beurocrats as much as possible. Just spending it adds to what the govt gets of your hard earned money. Barter is the way to go whenever possible,I use the barter system extensively. Lots of country/rural folk have a great many skills that fit into the barter system very well.
Forget that fear of gravity-get a little savagery in your life.
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